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The Chinese businessman is desperate to keep his asset and avoid both selling up or putting it into administration.

He has suspended CEO Keith Wyness about a row over the direction of the club with the pair at loggerheads for sometime.

Xia has eased some of the immediate pressure of administration after his latest announcement but will need more funding solutions to keep the club going.

Jack Grealish could be sold to raise funds (Image: Action Images via Reuters)

A club statement said: “Aston Villa Football Club can confirm that an agreement has been reached with HMRC and the club will continue to fulfil its obligations.

“The club can also announce that there are no insolvency practitioners or administration advisors working with the club.

“Owner and Chairman Dr Tony Xia would like to take this opportunity to sincerely thank supporters during this difficult and unsettling time and reassure them plans are now being put in place to move the club forward.”